The Saudi British Bank Q1 2012 Results

The following news release was issued yesterday by The Saudi British Bank (SABB), a 40% indirectly held associate of HSBC Holdings plc.

Net profit of SAR854m (US$228m) for the three months ended 31 March 2012 - an increase of SAR103m (US$28m), or 13.7%, compared with SAR751m (US$200m) for the same period in 2011.

Operating income of SAR1,235m (US$329m) for the three months ended 31 March 2012- an increase of SAR15m (US$4m), or 1.2%, compared with SAR1,220m (US$325m) for the same period in 2011.

Customer deposits of SAR111.6bn (US$29.8bn) at 31 March 2012 - an increase of SAR14.7bn (US$3.9bn), or 15.2%, compared with SAR96.9bn (US$25.9bn) at 31 March 2011.

Loans and advances to customers of SAR91.2bn (US$24.3bn) at 31 March 2012 - an increase of SAR15.0bn (US$4bn), or 19.7%, from SAR76.2bn (US$20.3bn) at 31 March 2011.

The bank’s investment portfolio totalled SAR23.6bn (US$6.3bn) at 31 March 2012, a decrease of SAR0.9bn (US$0.2bn), or 3.7%, from SAR24.5bn (US$6.5bn) at 31 March 2011.

Total assets were SAR144.0bn (US$38.4bn) at 31 March 2012, compared with SAR126.0bn (US$33.6bn) at 31 March 2011, an increase of 14.3% or SAR18.0bn (US$4.8bn).

Earnings per share of SAR0.85 (US$0.23) for the three months ended 31 March 2012 - an increase of 13.7% from SAR0.75 (US$0.20) for the same period in 2011 after bonus share (one for every three shares) adjustment.

Commentary

The Saudi British Bank (SABB) recorded a net profit of SAR854m (US$228m) for the three months ended 31 March 2012. This is an increase of SAR103m (US$28m), or 13.7%, compared with the same period in 2011.

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